I have an iP4300 with which I use compatible ink. The original cartridges were chipped, so I've had to remove the chip from each and transfer it to the new compatible cartridges each time I put a new one in (not that arduous, a bit fiddly first time). There is no software ink monitoring via the chip now - in fact I've turned the nags off as it kept saying 'unable to monitor ink level/this cartridge has run out' or something like that, so it's a question of checking ink levels manually from time to time and never letting a cartridge run bone dry before swapping it out.
I previously tried a continuous ink system with it, but it wasn't a success - very messy, and the instructions that came with it were poor so I was never sure I'd got it set up correctly.
I expect your guarantee will be up the spout using compatibles in this way - not something that worried me, given the cost of the printer originally and the amount I would have spent on branded ink over its lifetime.